Middle East Star
MiddleEastStar.com Sunday 18th May 2008 Issue 1487
Front Page Breaking Business News
Henry Paulson makes positive speech on economy


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US Treasury Secretary Henry Paulson has said he believes the financial crisis is coming to an end but society could take some time to fully emerge from the...


UK construction industry hit by government squeeze
A squeeze on UK government spending has begun to hit the construction...


Car sales hold up in Europe
New car registrations are up in...


Napa Valley wine patriarch dies
A pioneering winemaker from California’s Napa Valley has...


SingTel moves into faster networks
Singapore Telecommunications, otherwise known as SingTel, has awarded a SIN$220 million contract to Ericsson Telecommunications to expand its 2G and 3G mobile...


Indonesian leaders to meet over fuel prices
Indonesia’s House of Representatives Speaker, Agung Laksono, has invited President Susilo Bambang Yudhoyono to a consultative meeting on the government's plan to raise fuel oil prices....


Indian car maker launches eco-friendly model
Tata Motors of India has launched a new dual fuel, eco-friendly model of its Indica range of...


Bacon painting fetches record price
Renowned artist Francis Bacon's masterpiece, 'Triptych', has set a new record in sales by fetching a whopping 43 million pounds at an auction in New...


British Airways lifts profits
British Airways has reported a 45% rise in annual profits but warned that economic uncertainty and high fuel costs pose challenges....


US stocks lower after a good week
U.S. stocks closed mostly lower on Friday, with a slide in consumer confidence and surging crude oil prices fueling worries about the...


Australian cricketers coaxed back to Jaipur
Faced with the threat of losing future earnings in the Indian Premier League (IPL), Australia's contingent from the Rajasthan Royals franchise were coaxed back to Jaipur despite their fears following Tuesday's deadly terrorist attack in the capital city of...


Microsoft Windows to come on low-cost laptops
The One Laptop Per Child (OLPC) project will install Windows XP on its low-cost laptops for students in developing countries, according to a joint announcement...


Wall Street may get best indicators yet about recession or economic recovery as summer begins
Joe Bel Bruno May 17, 2008 - 03:57 a.m. NEW YORK (AP) - After nine months of turmoil that started with the collapse of the subprime mortgage market, Wall Street appears to be at a turning point...


Saudis protect own interests in oil production
WASHINGTON – When President Bush, once a Texas oilman, asked Saudi Arabia to pump more crude, he may have forgotten that the Saudis have a long memory. And that made it a good bet his mission...


There could be more casualties in the airline industry because of spiralling costs, Sir Richard Branson has warned.
'Same number of people flying' The Virgin Atlantic boss said fuel rises would mean some smaller companies would either be forced to merge or go under.He also predicted the cost of oil, now at...


Iran says OPEC will not boost output
TEHRAN – Iran's oil minister rejected on Saturday any idea of OPEC raising production, saying it would fail to ease record prices as the market was already “saturated” with oil. ...


AIG to set up services, data centers in Malaysia
Research ) plans to establish a global shared services and data centers in Malaysia through one of its subsidiaries, the insurance giant said on...


Cathay Pacific Airways considers cutting routes
By MIN LEEASSOCIATED PRESS WRITER HONG KONG -- Cathay Pacific Airways might cut routes to help cope with surging fuel prices, its chief executive said. Tony Tyler said in an internal company...


County employment outlook warming up
After a sluggish winter, employment in San Diego County rebounded last month, fueled by strong hiring in hotels, restaurants and government work, according to data released yesterday by the state...


Health care billing fight is looming
Doctors and hospital officials will square off with health insurers Monday in San Diego over a state plan to ban medical providers from billing emergency room patients for charges not covered by...


Alvarado Hospital loses dispute with Blue Shield
Alvarado Hospital in San Diego has lost its court battle over a contract dispute with Blue Shield of California, demonstrating how challenging it can be for stand-alone hospitals to demand higher...


U.N. predicts downturn for world economy
The world economy is “teetering on the brink” of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its midyear economic projections....


Wall Street sees light at end of tunnel
NEW YORK - Wall Street is clawing its way back from a dismal start to the year as confidence grows about the prospects of a US economic recovery without a calamitous...


$100 laptop nonprofit now teamed with Microsoft
BOSTON - The One Laptop Per Child project is about to find out whether Microsoft Corp., a rival the nonprofit group once derided, is the solution to its problems in spreading inexpensive portable...


; Store Joins Target, Wal-Mart in Selling Discounted 90-Day Generic Prescriptions
Posted on: Saturday, 17 May 2008, 00:00 CDT By CHERYL CASWELL Kroger is jumping on the prescription discount bandwagon and offering 90-day supplies of hundreds of generic medications for $10. The...


AOL sheds its brand to draw specialty audiences
NEW YORK – Unless you're looking carefully, you'll likely miss the fact that the new Asylum Web site for young men is a creation of Time Warner Inc.'s AOL. Same for WalletPop on personal...


Interior Department to hold Alaska oil lease sale
JUNEAU, Alaska – The Interior Department said Friday it is moving forward with an oil and gas lease sale covering nearly 4 million acres in Alaska's National Petroleum Reserve. The...


Stocks pare losses to finish mixed after oil spikes
-------- END BIGBOXAD ----------> But investors were clearly sidetracked for much of the session by energy prices and their effect on consumer spending, which accounts for more than two-thirds of...


Inspire, Saten test dry eye product
Inspire Pharmaceuticals Inc. announced Friday the receipt of a $1.25 million milestone payment from its Asian partner, Santen Pharmaceutical Co. Ltd., for the completion of Santen's Phase 3 testing...


Yahoo seeks to conceal parts of shareholder suit
Yahoo Inc. is seeking to conceal large portions of a shareholder lawsuit alleging the Internet company's board improperly thwarted Microsoft Corp.'s $47.5 billion takeover offer, raising shareholder...


Craigslist answers eBay allegations in court
Classified ad Web site Craigslist is denying online auctioneer eBay's allegation that it unfairly diluted eBay's stake in it and says its board was acting to protect the...


Bush fails to win Saudi help on gas prices
President Bush failed to win the help he sought from Saudi Arabia to relieve skyrocketing American gas prices Friday, a setback for the former Texas oilman who took office predicting he would jawbone...


Rice futures fall on improved supply outlook
Rice futures sank to a six-week low Friday, falling for a fifth day on hopes that exports from Pakistan and Japan will ease fears of a shortage of the staple consumed by half the world's...


California wine visionary Robert Mondavi dead at 94
SAN FRANCISCO – Winemaker Robert Mondavi, the man most credited for turning California into a world-class wine producer and millions of Americans into wine lovers, died Friday at his Napa...


GM workers ratify local contract to end that strike
A striking United Auto Workers local at a key General Motors Corp. factory ratified a new contract with the company Friday afternoon and will resume production on...


UAW, American Axle reach deal that could end strike
DETROIT – A bitter 80-day United Auto Workers strike against an auto parts maker that has crippled dozens of General Motors Corp. factories could be coming to an end soon with a tentative...


Fla. lifts ban on Allstate selling new insurance policies
TALLAHASSEE, Fla. – Allstate Corp.'s subsidiaries can resume selling new car insurance and other policies in Florida after the insurer turned over documents showing how it sets homeowners...


SoCal developer Maguire to end bid to buy company
LOS ANGELES – Developer Robert F. Maguire III has abandoned efforts to buy back the company that bears his name and is on the verge of being replaced as its chief executive and chairman, The...


U.S. Airways pilots union disapproves of possible United combo
PHOENIX – If US Airways and United Airlines decide to combine, they'll bring along a number of reluctant employee groups that would rather remain separate. US Airways pilots on Friday joined...


GE confirms plans to exit appliance business
NEW HAVEN, Conn. -- General Electric Co. plans to sell or spin off the business that for a century has put appliances in American homes, a decision that could presage further asset sales, analysts...


Lawmakers concerned over Charter
Cable TV, phone and Internet service provider Charter Communications drew concern Friday from two congressmen and a privacy advocate over its plan to experiment with tracking its customers' Web use...


Citigroup mulls options for key German unit
FRANKFURT: Citigroup is mulling strategic options for its retail bank in Germany, the embattled US bank said yesterday, sending its first public signal that the centrepiece of its European business...


Orange County janitors reach contract agreement
LOS ANGELES – Janitors in Orange County have reached a tentative agreement with their employers on a four-year labor contract. SEIU Local 1877 spokeswoman Gina Bowers says the janitors'...


Surprise rebound in housing, outlook still shaky
-------- END BIGBOXAD ----------> The Commerce Department reported Friday that housing construction rose by 8.2 percent in April to a seasonally adjusted annual rate of 1.03 million units. While...


Airline Flying High Despite T5 Shambles
Heathrow Terminal 5's shambolic opening has cost British Airways boss Willie Walsh his annual bonus, despite the carrier making record profits. The chief executive said he felt any award would have...


BT Figures Beat Most City Expectations
BT's chief executive Ben Verwaayen has signed off his last set of results with fourth quarter figures which beat revenue forecasts and met earnings targets. The telecoms giant is also forecasting...


Ford Health Earnings Fall
Posted on: Friday, 16 May 2008, 21:00 CDT By Patricia Anstett, Detroit Free Press May 16--The Henry Ford Health System made money last year, but less than the year before as its cost of providing...


How Open Is Microsoft
"Transparency, standards, and interoperability are key," Microsoft's chief software architect, Ray Ozzie, told thousands of developers and customers at the company's MIX conference in March. It was a...


Slot auctions coming to all 3 NYC-area airports
WASHINGTON – Slot auctions designed to reduce delays nationwide and increase competition are coming to John F. Kennedy International Airport in New York and Newark Liberty International Airport...


Fannie Mae scraps higher down-payment requirements
WASHINGTON – By relaxing down-payment requirements for borrowers in markets where home prices are falling, Fannie Mae aims to both resuscitate the flagging housing market and respond to...